Bitcoin Forum

My brother bought a second hand car a week ago, and he went into the bank to transfer the money for the car to the dealers account at another bank. The dealer already finished all paper work and

transfer of ownership and also road worthy testing and insurance etc, but cannot deliver the car to him, because the money has not been successfully transferred by the bank. They have a 48 hour

transfer period between different banks. In this day and age, we still have to wait for a minimum of 48 hours to successfully transfer money between banks.  ??? ??? ???


Everyone should stop complaining about Bitcoin transaction confirmation times, because with the correct fees, you will rarely see anything like this happen under normal {non-stress test} conditions.

You just have to love Bitcoin.  ;D

There was no stress test, just people moving their bitcoins to buy Ethereum.

I agree with you.
Bitcoin is future, banks are old history, dinosaurs :)
We still have a long way to pass, and also we have to overcome oppositions from financial institutions and people which don't understand BTC but as more and more people become Bitcoin users, it will be more difficult to stop us until we become mainstream and official currency for payments.
It was the same with Internet.
In the beginning nobody trusted it and only a few people in universities used it.
In the beginning mostly students used internet for communication and games but now all banks using internet for money transfers and bank accounts.
It will be the same for bitcoin.

This is much better of course. I really wish that bitcoin will conquer the world. Banks and its system are really old. Everything has to put on approval manually. Banking hours, even if this is actually your own money. They might begin to ask you for some identification like as if your taking others money, so frustrating..

Then we need to wait for the congestion to happen again, when they realized they made a huge mistake and they start buying Bitcoin again. Most people cannot even pronounce the word Ethereum

without people thinking they have a bad lisp { speech impediment } The dump will happen as soon as the price of Ethereum has reached the level where people pumping it, seems satisfied that they

will be guaranteed a big enough profit. I will never buy into this pump n dump scheme, knowing what I know now.. Same goes for Dash and the Alt coins before that.  :(

important to note.
bank wire transfers can near instantly inform you the funds are moving. but can take 3-5 business days (2days in Kpawns experience)
VISA card payments can near instantly inform you the funds are on the move.  but can take 3-5 business days
bitcoin can near instantly inform you the funds are on the move.  but can take 10minutes to an day.

and so it is faster. but its not guaranteed 10 minutes. even paying a fee its not guaranteed.
but with a fee, have high expectations of it being under 1 hour. which is atleast 47 times better than banks

Imagine Mike Tyson saying 'Ethereum', it sounds normal. :D

That is a good example, it just makes sense.  Why would you choose to wait 48 hours when you could wait just minutes, it's examples like this that the public need to hear and not the other negative stuff that gets thrown around the news.  Then I suppose you never really see much positive stuff in the news.

Bitcoin is to be loved because of its revolutionary innovation.The other thing is banks also have jumped into blockchain technology but still they didn't embraced Bitcoin with open heart.Bitcoin is to exist and survive as third independent option which will work as check and balance on traditional methods.

Most of the people are attracted towards because of these existing problems and delay which are part of banking system.Bitcoin came out as hope and complete solution of these matter that makes it useful and is making it successful by and by.

Here's my recent experience:

After taking out $40 from their ATM, after paying the $3 fee, needing to break a $20 I politely asked a teller if she may do this for me. She says, "sure" and proceeds to ask for my account information. "I don't have a bank account here, I just used the ATM" I reply. The teller exclaims, "Oh, ok, can I just get two pieces of ID for our records". "No." I said, and stormed out accidentally slammed open the door too hard in my rage that it almost broke off the hinges.

There was an attack. Stop posting misleading information.

Technically if both parties trust each other then you don't need to wait much more than a few seconds. Transactions are instant, confirmations take time.

I recently had someone send me money via WU, they had to pay a few higher than 10% of the transaction sent. It's strange that some people complain now that Bitcoin has high fees (less than 10 cents for any amount)  when you consider your other options.

Exactly! Completely ridiculous that it would take 48 hours.  There are so many things wrong with banks these days:
-unsanitary monopoly money paper..gross!
-overdraft fees preying on low income
-lines at the bank
-checks, why do they still give these to people? especially the ones in front of me at the grocery store!
-fund clearing times...give me a break, they just collect interest while they tell you it is pending
-2 days for a debit purchase to clear...haha.
-ATM fees...don't get me started (and we are worried about pennies of transaction fees with bitcoin??)

Please make this stop. thanks for the ability to rant!

Not only Ethereum, also all the other altcoins which has risen of over the last weeks, namely Factom, NEM, Bitshares, Dash and Monero.

When those coin got dump then Bitcoin price will get a push again.

Made a mistake this morning and took out $200 from my credit instead of savings at the atm and put it right back as soon as I saw that I had made that mistake. Decided to phone them to get them to not charge me $3.5 for a stupid misclick. They refused because they could not see that I had done that,even though they could see the transactions before and after. Was like wtf you want to piss me off over $3.5!

Think how many people misclick in a day and those thieves rake it in with no remorse or sorry. The dude was even snotty with me.

Did I mention I hate banks.

What country are you in? In US, this takes exactly 0 hrs, not 48 hrs.
Consolation: your bro didn't miss out by not using BTC, most car dealers don't take it :)


Since you occasionally make mistakes like that, probably should stay away from BTC: make a mistake your money's simply gone. All of it. No one to call :(
https://bitcointalk.org/index.php?topic=1384355.0

Was chatting at some one when I made the mistake,tend to be focused when it comes to bitcoin transactions due to not having some one asking me about a former girlfriend that was crazy and how to word it to the guy interested in her. Did it once was just interested to see if they wave it or not and they failed.

So when you, yourself, make a mistake, you feel entitled to the $3.50 :o you lost? And actually call your bank about $3.50, and ask for it back?!
What next? Calling your bank to credit you the tenner you lost trying to score some rock?
How 'bout U Lrn 2 take responsibility for ur actions & stop cutting into the bank's profit margin with frivolous support calls, hmm?

Are you for real?

Sounds like some one is having a bad day.

As a customer I will challenge any fee I feel is unjust,maybe you like being screwed over by charges. Difference in opinion,will ignore the reference to being a crackhead since you are obviously trolling.

This guy cares about bank profits,wtf!

Try living in a first world country in europe. Atms are usually free. Bank transfers are free and nesr instant.

The US definitely has some catching up to do. I've been consistently appalled at how archaic it is.

And that's not even a bad experience for what concerns banks... You could have had something like this (https://bitcointalk.org/index.php?topic=160292) happen.


The user just moved money virtually inside the bank's network... Real, physical funds were moved from the ATM. He even "reversed" what he did right after. How does this cost 3.5$ to the bank?

everytime i realise i wont get my payment becuse its a weekend, makes me remember why i hate banks and their stupid rules.
dont have a problem geting my payment with btc any hour!

You lost only $3.5 due to misclick.Imagine if it were bitcoin,you would have lost your entire $200 if you had mistakenly sent it to someone.
I love bitcoin but at the same time, I dont hate banks.Both can co-exist

This.

I tend to pay for cars with debit card. Waiting time: none. Tx cost: zero.

I reckon same goes for all UK internal bank transfers (not 100% sure are all of them instant, but most of them are).

I second this statement, even though banks are cheap and downright thieves most of the time, Bitcoin is much less forgiving of misclicks. Some banks are beneficial, mine has absolutely no fees, and is online banking and phone support only. ATMs are scarce, but still available. But that just goes to show, some banks can make a profit off you just having money with them, instead of charging some ridiculous amount of "service fees".

My uncle told me once, "cows are serviced when they are inseminated by bulls. service fees are the same as us getting screwed by the system."

You must be in America. I'm in the UK, and I've got 3 ways to transfer Sterling intantly within the UK - PayM - which is mobile to mobile, but based on fiat bank accounts, Debit card, and on-line transfer. I received a dollar payment a while ago, and I had to accept a paper cheque to pay into a Citibank account. By the time I've posted it to the branch, and waited for clearance, it could take up to two weeks, and they are charging me £5 to pay a dollar cheque into a dollar account.

so you extremely stress the fees, its price and the transaction confirmation time, huh? interesting! it probably will open people eyes not to complain too much about these points. at least I've seen many threads about complaining transaction confirmation time. after all bitcoin system is better than bank's.

I live in Singapore. In the past, to transfer from one local bank to another, we also need 3 working days. It is really up to the banks whether they want to join operations to enable easy transfer fund or not. It happen like 2-3 years back when they agree to introduce a FAST transaction whereby funds can be immediately transfer from one local bank to another. So it is possible but it is whether your bank agree or not.

Even waiting a few hours to get your money is unacceptable. These banks have too much control over people's lives that something better for the 21st century is needed and I'm not sure if that's bitcoins or some other crypto.

I totally agree with you, both bitcoin technology and bank have to change between them , here OP is telling that he have to wait for 48hrs for clearing, if he wanted he could have done NEFT, IMPS or RTGS, these facility gives you withing 6 hrs money transfer . it is upto us to take the facility, their are charges but for that we cannot ignore. In the future i agree that both technology will find a solution and work together.

I think what on your mind is right, bank cannot do that too fast, because bank also manage much other.

I told this to a friend of mine today, and he said he had a similar experience when he sold his car. The guy who bought his car also transferred the money via online banking, and was told that a daily limit was compulsory for internet banking payments, to protect the users of this service from online hackers. The limit stop them from withdrawing all funds in one day from his account, if and when it was breached. The buyer then had the option to make 3 smaller payments over 3 days to get pass this limit or to go into the bank and make the payment and pay huge fees.

My friend did not want to wait 3 to 4 days for the money to sell his car, and the guy had to take the quicker payment option and pay the high fees or cancel the deal. In the end, my friend got his money in 23 hours. Bitcoin can make deals like this, much quicker and much more convenient for both parties. ^smile^   

In my country we use cash to make such trades. Most car dealers here use cash in the second hand car market!
Banks are indeed slow and it's a paint in the butt that if they offer faster transactions they also take a way bigger fee for that.
And that's why Bitcoin is a completely new, improved technology and better experience compared to that.

Also SJCX, which is a great project and people should support it. :)

I don't know about that, those coins trade against bitcoin not fiat, like we did not see a fall in the price of bitcoin we might also not see a rise.

They do that to make sure that its authenticated as you know its easy to do an identity theft is you are really good at it.
Its part of the banks system to make sure everything is running smooth.

Also, my credit and debit cards are free, and I have two bank accounts without maintenance costs.

If I send money from my bank to the other persons bank account which happens to be the same as me, then the money is transferred instantly. If I send the same money to a different bank in my country, then it may take 2 or 3 hours at most if you send it before 2PM. If you send it after 2PM then you'll most likely have it the next morning.

I agree that the experience is much harder with banks, You need to provide documents for almost everything where I live and it's very hard and inconvenient, in bitcoin you just need to wait for hours for confirmations max.

Of course bit coin is a great experience when it comes to comparison with the bank and for sure in future its popularity and fame will devaluate banks a lot and might be possible that bitcoins may go more higher towards ATMs and its physical branch or stores for physical trading like banks and that for sure will make love in hearts of people about bit coin.

my question exactly.
there are options (i don't know what it is called in other banking systems -in English) but they are "without fee" and fast between banks and takes less than a day (if you send in the morning it will reach by noon) and a couple with fee but immediate


this particular mistake is not made by a regular user. it is something that is most probably happened to somebody with his own code to process payments, and due to a bug the code sent massive fee.

That's a really annoying experience as usual with banks, everyone used them knows about that and the inconvenience of using banks..
So did the deal go through at the end? :P I liked the story!

Although some banks, seem to have worthless and annoying rules sometimes, this shouldn't take that long and here in where I live, usually it should be instant with a SMS confirmation coming within second of the transfer itself so most likely it's related to the country and banking system used in which, clearly an outdated one. But I also agree with loving BTCitcoin more, it's just simply in another level.

That's an annoying experience in my opinion, In USA and in some countries of the world you can make these transactions instantly.

Yes,Honestly it is the best solution to the high amounts of fees and the time bank processing require but i don't see why it would take 48 hours to transfer to any typical bank account ? I assume you were buying Lambo and the money was significantly enormous.

It took me less than 2-4 hours for a nation bank transfer last time i tried(was around 2.5 grands).

True,the well know system is IMPS.It's instant.

I think it shouldn't take that long in most banks, Particularly in a local and not a worldwide wire transfer, The bank systems in your country should be improved more even without bitcoin since it's just too inconvenient for the users.

Me also when look into the system of bank transaction and the high fees of its transactions and other features wish that bitcoin become a stable and permanent currency, so that we benefit from it for life time.

Yes now aday the banks takes a large period of time when we have to transact money through it. They also calculate a huge bunch of taxes and fees over you. So it is better that we adopt bitcoin instead of bank.

+count if the transaction would be on weekend it would be +48 hours, it happened me sometimes and it really sucks waiting so much time. Bitcoin is much easier and we should be lucky if the car seller would accept bitcoin.

I'm also on this team! everytime i realise i wont get my payment becuse its a weekend, makes me remember why i hate banks and their stupid rules.

If you read carefully you would notice, it was not my transaction.. but that of my brother. He seems to be part of another bank group and the transfer between groups take longer than usual transfers

within the same group. He was told, it was standard practice for inter-group transfers to take a minimum of 48 hours. I will ask him, but I fairly sure he said he was part of Barclays Bank.

I will get back to you on this... but whatever the group.. It still takes way to long.

Yeah and believe me the people who are using bitcoins will never enter the door steps of the banks as we have a feeling that we are being cheated by the banks in terms of their high fees and some worst procedures.

At times such delay happens, as they are under a centralized system they were supposed to go through  lot of procedures. This is what making the delay with increased transaction fee.

nice story,inspired for telling this story to some of my friend,so they can consider use banks account and choose bitcoins for nw payment. yes we all know this is the benefit using bitcoin,it not need 48 hours (normally just 10 minutes) to pay something,and bitcoin have no vacation days just like banks,we can make transaaction everytime and everywhere as long we have internet connection.

When I have to withdraw my money to my bank for some payment where bitcoin is not used then it takes 20 days by the bank to keep my money on hold for me. So, I wish that bitcoin become establish in my country so that I do not need to convert to fiat.

Yes the banking hours is a problem to me, as I am online businessman so I have to pay my for my transactions on different times of the day, and for that bitcoin is best choice as banks are available for limited time.

Your experience is too inconvenient even for normal banks, In most of the world even most third-world countries between banks transactions take as less as few hours at max, this is just too hypocritical IMO.

Instead of making things easier the banks are clamping down harder with fees and requirements.
Quite often I go into the bank and they act dismayed that I need a large amount of funds and they need warning that I am doing this. They should be set up so that every one cashing out their accounts can do so,but they always have such a small amount on hand.
Have been asked questions that I found off base like they have a right to know what I am doing with my money.
Can not wait to see banks fade to black as they do nothing for the little people. Reason we have so many cheque cashing and loan stores that screw people over even more,banks suck!

Banks are legal thieves.

Sure they don't put a gun to your head and make you do things but they overcharge people for stupid simple shits. And that's how they make their fortune.

Thanks to bitcoin, it coming to an end.

I personally haven't had any bad experiences with my bank but I love Bitcoin anyway.

Bitcoin is for everyone that likes to take things in their own hands such as being boss over your own money, which is only possible with fiat if you store your money in physical form somewhere at home.

But that is far from safe, so everyone is forced to "trust" banks with their money.

With Bitcoin I am able to store money outside the current banking system where even governments can't do anything about.

Sometimes shit happens but i can't really see something bad in bank system, i am using bitcoin as investment so i don't really faced a problems with it.

I believe that using Bitcoin is a lot better than using the banking services nowadays, because the banking services aren't stable right now and also it's asking high fees usually and it's centralized

Well, realistically speaking, the banking services are technically stable, but they are the main cause of things like inflation and some similar ailments when it comes down to the heart of it.

Banks are technically a neutral thing when you weigh the pros and the cons, assuming if one con is equal to one positive. If you actually weigh their affects, though, there are next to no positives in the current banking system.

Even if you keep saying that to the average joe many times and show them proof that Bitcoin is a much better alternative, then still they will give the prefered choice to fiat and everything around it without giving Bitcoin a chance. It's a shame.

If only Average Joes were half as visionary and disruptive as us :(

Sometimes the bank also make some of your balance disappear or charge fees for services you never bought. Happened to me for few cents more than once, but for some bigger buck with other people you know, if you perceive, they return the money, if not, they just keep it. Of course 99% of people won't see a few cents disappearing, or won't bother to call and recover them.

At least with Bitcoin the money won't disappear by itself, if you don't do anything wrong.

I think there is no problem for the banking system. they have designed the bank system is very good. but his affection they have full control over your money so bitcoin better than banks

Charging fees is one thing.
They can 'freeze' your account if any government agency demands it, or if they suspect that you are doing something remotely illegal.
That is a pain.

yes its common problem when use bank for transafer money,but i have question for you,why your brother transafer went to bank office?why dont using ATM services?
we all know bank account have delay so lon if they in holiday or in weekend,that;s hurts,its will not happen when you use bitcoin.

is there any relation between bank and bitcoin. i dont think that there will be any relation between them. because bitcoin need no band and bank is not accepting bitcoin.

Check this out:

Created to avoid banks, bitcoin’s blockchain technology may end up helping them

http://www.imf.org/external/pubs/ft/fandd/2016/06/adriano.htm

Apparently, many banks are considering to adopt bitcoins. I don't exactly know if it's a bitcoin-bank relation but bitcoin offers transparency because all transactions are recorded and can be viewed by anyone wherein banks don't actually offer than. Rather, they refuse to.